Safest wallet and method to sweep a paper wallet

hosseinimr93

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Activity: 2380

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Quote from: The Cryptovator on February 19, 2021, 01:41:52 PM

I wouldn't recommend paper wallets for various reasons especially change address issues.

In the case you are referring to possibility of losing the change:

Electrum uses the sending address as the change address if you have imported a single private key. So, the remaining balance will be sent back to your paper wallet and shouldn't worry about it. (Using a same change address can damage your privacy, off course)

The main issue when you import a paper wallet into electrum is that, your private key touches the internet and the paper wallet is no longer safe to use. The solution to this problem is signing the transaction offline and use an online computer only for broadcasting the transaction.

mojolama

member

Activity: 85

Merit: 11

Quote from: LoyceV on February 19, 2021, 01:35:55 PM

Quote from: mojolama on February 19, 2021, 01:12:41 PM

I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed

Online:
Install Electrum on your PC.
Import your address to create a watch-only wallet.
Preview the transaction, Copy the unsigned transaction. Put it on a USB stick.

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character.
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Online:
Use your normal online Electrum to (check again and) broadcast the transaction.

Bonus:
After moving all your Bitcoin, and once the transaction confirmed, check if you own Forkcoins.

Thank you very much, this is super thorough. Like the part about the curtains. Grin

Quote from: The Cryptovator on February 19, 2021, 01:41:52 PM

Quote from: mojolama on February 19, 2021, 01:12:41 PM

Thank you,
Yes, I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed to screen loggers & no machine is 100% secure.

It's true, if you can't secure your device, seeds, and private keys then no machine is secure. Even on Electrum, there was a hack attempt a few months back. If you are wondering to handle a big amount then it's strongly advisable to move into a hardware wallet. You can use Electrum with 2FA but you need to spend a few extra fees. I wouldn't recommend paper wallets for various reasons especially change address issues. Keep in mind, you have to secure your device and wallet credentials to secure your funds.

Cheers !!!

Quote from: OmegaStarScream on February 19, 2021, 01:21:19 PM

Quote from: mojolama on February 19, 2021, 01:12:41 PM

Thank you,
Yes, I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed to screen loggers & no machine is 100% secure.

If you're trying to sweep a significant amount of money, you can simply run a LiveCD (Linux) and install Electrum on it or, maybe just buy a hardware wallet, it's much safer.

ThanX

[moderator's note: consecutive posts merged]

The Cryptovator

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Need PR/CMC & CG? TG @The_Cryptovator

Quote from: mojolama on February 19, 2021, 01:12:41 PM

Thank you,
Yes, I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed to screen loggers & no machine is 100% secure.

It's true, if you can't secure your device, seeds, and private keys then no machine is secure. Even on Electrum, there was a hack attempt a few months back. If you are wondering to handle a big amount then it's strongly advisable to move into a hardware wallet. You can use Electrum with 2FA but you need to spend a few extra fees. I wouldn't recommend paper wallets for various reasons especially change address issues. Keep in mind, you have to secure your device and wallet credentials to secure your funds.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: mojolama on February 19, 2021, 01:12:41 PM

I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed

Online:
Install Electrum on your PC.
Import your address to create a watch-only wallet.
Preview the transaction, Copy the unsigned transaction. Put it on a USB stick.

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix or Tails for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character).
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Online:
Use your normal online Electrum to (check again and) broadcast the transaction.

Bonus:
After moving all your Bitcoin, and once the transaction confirmed, check if you own Forkcoins.

OmegaStarScream

staff

Activity: 3472

Merit: 6129

Quote from: mojolama on February 19, 2021, 01:12:41 PM

Thank you,
Yes, I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed to screen loggers & no machine is 100% secure.

If you're trying to sweep a significant amount of money, you can simply run a LiveCD (Linux) and install Electrum on it or, maybe just buy a hardware wallet, it's much safer.

mojolama

member

Activity: 85

Merit: 11

Thank you,
Yes, I was considering Electrum, only downside is that when creating a wallet, seed creation is exposed to screen loggers & no machine is 100% secure.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Know that sweeping will demand for transaction fee, it will be good to just import the paper wallet private key on a reputed wallet which will not cost you any fee. For online wallet, I will advise you to use electrum, all you need to do is to download the wallet from electrum.org, verify the signature, open the wallet on your device that is free of malware, press on import Bitcoin addresses or private keys, paste the paper wallet private key, and enter password. The wallet balance will appear, but know that this type of wallet only have one address, or the address of the private keys entered. If you want, you can send the bitcoin on the wallet to a hardware wallet from electrum.

mojolama

member

Activity: 85

Merit: 11

Hi all would really appreciate some help in regards to the most secure, tried and tested method to sweep a paper wallet.
Thank you kindly.

Topic: Safest wallet and method to sweep a paper wallet (Read 246 times)